T. Rowe Price Group
] reported third-quarter 2010 earnings per share of 64 cents, seven percent above a street estimate of 60 cents, Barron's reports
. The MFWire reported
on the company's earning's last week.
In additon, Barron's says T. Rowe is reducing its fourth-quarter 2010 EPS estimate to 61 cents to reflect the announced $17 million pretax (four cents per share) charge related to money market funds as well as $10 million (two cents per share) of sequentially-higher marketing spending.
But T. Rowe is raising its 2011 EPS estimate by 3.5 percent to $2.89 primarily to reflect a higher level of third-quarter 2010 ending AUM. "Embedded in our estimate are a 44.5 percent operating margin and 6.7 percent organic growth ($30 billion of net flows)," it said.
Stay ahead of the news ... Sign up for our email alerts now